TL;DR Breakdown
- Coinbase is launching a new coin listing system Asset Hub.
- All compliant cryptos will be listed on the exchange.
- XRP will be suspended from the platform.
For years, Coinbase has been known as one of the hardest exchanges for any new crypto projects to score a listing on. It has always been strictly selective about the listings on its platform. Now, with the crypto industry blooming at a much faster rate than previous years, the crypto exchange is attempting to ease the listing process.
Coinbase launches Asset Hub
To do this, the exchange has announced the launching of a new listing system that allows project creators to view and track the review process of their application prior to listing on the trading platform. Coinbase expects this new effort to make the listing process easier both for the exchange and crypto project creators.
While announcing the launching of the new listing system called Asset Hub, the crypto exchange referred to it is as “an open invitation to asset issuers.”
“Our door is open”
Coinbase insists that its doors are open for any credible crypto to join its platform. However, only the cryptos that pass the new listing procedure’s system will be added onto the platform. In that sense, the exchange makes it clear that it will only deal with coins that are compliant to regulatory policies.
The Coinbase exchange, in particular, has been largely compliant with US regulatory policies, even going as far as agreeing to work with law-enforcement agencies like the FBI in fighting crime. Still, any willing crypto project can apply for listing on the exchange via the Asset Hub.
Listing fees
Some exchanges have been known to charge a fee to crypto projects applying for listing, but Coinbase has largely shied away from charging listing fees. Notably, exchanges charge fees sometimes when the applications are many and the listing process has to be run on a priority basis.
The exchange’s new listing system is unlikely to change things as far as fees are concerned. With the exchange proclaiming “open doors”, it’s highly unlikely that it will start charging listing fees.
Coinbase will suspend XRP
As a regulation-compliant exchange, Coinbase seems to be having serious issues with the lawsuit currently filed against XRP creator company, Ripple. Ripple is currently embroiled in a legal battle with the US SEC after the oversight body filed charges against the company in December 2020, accusing it of illegally transacting with securities (a reference to XRP).
Following this, the platform has announced a decision to suspend XRP from its trading platform effective January 19, 2021. XRP is also presently seen as a risk by other major investment institutions like Grayscale which has already began to get rid of its XRP stash.
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